Australia Injects A$2 Billion Into Green Bank to Spur Stalled Green Spending

(Bloomberg) -- Australia is injecting A$2 billion ($1.3 billion) into the government-owned Clean Energy Finance Corp. in a bid to boost investment in the nation’s energy transition. 

The money is expected to unlock an additional A$6 billion in private capital from investors for domestic projects and accelerate the shift toward renewable power and batteries, lowering prices for consumers, the government said in a statement. 

Energy transition investment in Australia will need to scale up rapidly if the nation is to remain on a net zero pathway, according to a report from BloombergNEF last year. In 2023 about $18 billion was spent on the green shift but that amount needs to more than triple to $55 billion per year from 2024 to 2030, the report said.

Established by the government in 2012 with initial funding of A$10 billion, the CEFC was tasked with financing green projects and startups at a time when large-scale investment in sectors including wind and solar was seen as too risky for most private banks.

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